Dow Jones futures and the other major stock indexes were up Monday ahead of economic data in a shortened trading week. Despite that positive momentum and a broker price target increase, Nvidia (NVDA) threatened to extend its losing streak on the stock market today.
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Nasdaq returns after hitting 18,000; Uber, JPMorgan, Hilton in the spotlight
Before the opening bell, futures on the Dow Jones Industrial Average were up 0.3% from fair value. Futures on the S&P 500 and the tech-focused Nasdaq 100 also rose 0.3% in premarket trades.
On Monday morning, the 10-year Treasury yield rose to 4.42%. Oil prices extended their recent gains, with West Texas Intermediate futures trading around $82 a barrel.
Among U.S. exchange-traded funds, the Invesco QQQ Trust (QQQ) rose 0.2%, and the SPDR S&P 500 ETF (SPY) also rose 0.2% before the open.
Nvidia shares fell 0.9% premarket on Monday, despite a target price increase at Morgan Stanley. Analyst Joseph Moore raised the target to 144 from 116, maintaining an overweight rating.
Nvidia shares fell for the second straight session on Friday, down 0.4%. Shares remain sharply above a split-adjusted alternative buy point at 97.40. The leader in artificial intelligence is also an IBD Leaderboard stock.
Elsewhere, Boeing (BA) has agreed to purchase supplier Spirit AeroSystems (SPR) for $37.25 per share, or $4.7 billion. Shares of Boeing fell lower, while Spirit shares rose 4.4%.
Stock market today: jobs report forthcoming
The markets are closed on Thursday for Independence Day.
This week’s economic data is led by Friday’s June jobs report. The monthly jobs report is expected to show a solid gain of 190,000 jobs as wage growth slows, according to FactSet. The unemployment rate is expected to remain at 4%.
Other labor market data this week includes Tuesday’s Job Openings and Labor Turnover Survey. The ADP employment report and weekly unemployment claims follow. The Institute for Supply Management’s service sector activity index and the minutes of the June 11-12 Fed meeting were released on Wednesday.
On Monday morning, the Purchasing Managers’ Manufacturing Index, or PMI, is expected to come in at 51.7 in June, up from 51.3 in May. That data is due at 9:45 a.m. ET.
Shortly afterward, at 10 a.m. ET, the Institute of Supply Management’s manufacturing index is expected to rise to 49.1 in June, up from 48.7 in May.
Adapt to changing market conditions with IBD’s new exposure levels
Dow Jones falls
On Friday, the Dow Jones Industrial Index fell 0.1%, while the S&P 500 and the Nasdaq Composite lost 0.4% and 0.7%, respectively.
Investor’s Business Daily’s Big Picture column said: “The stock market took a bearish turn on Friday but still posted excellent gains for the first half of 2024.”
During Friday’s IBD Live show, the IBD Live team discussed current trading conditions and how investors should interact with the stock market today.
This is an important time to read The Big Picture column, amid the ongoing stock market action. Also read how to adapt to changing market conditions, with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF market strategy
Stock market today: best stocks to watch
Burlington stores (BURL), Carvana (CVNA number), Domino’s Pizza (DPZ) and Meta platforms (META) – plus Dow Jones components Amazon (AMZN), Apple (AAPL), Amgen (AMGN) and Microsoft (MSFT) — are among the best companies to watch on the stock market today.
In IBD MarketSurge’s “Breaking Out Today” list, Stifel financial (SF) broke past an 81.68 buy point in a cup with handle on Friday. The shares ended above the quotation on Friday.
Check out the MarketSurge “Near Pivot” list for stocks approaching their buy points in the fundamentals. For more stock ideas, check out IBD stock lists such as IBD 50, Big Cap 20, and Stocks Near a Buy Zone.
Get real-time buy and sell alerts on stock market leaders with the IBD Leaderboard
Dow Jones: Amgen breaks out
Dow Jones stocks worth watching include biotech giant Amgen, which is trying to break past 133.10 on a cup-with-handle base, according to MarketSurge pattern recognition. Amgen added 0.3% in morning trading on Monday.
Outside of the Dow Jones index, Burlington Stores is in a buy range above a 232.69 cup-base entry amid recent gains. Burlington shares were flat Monday.
Carvana is below 129 buy points in a Cup base after Friday’s losses. Carvana shares rose 0.7% premarket on Monday.
Pizza maker Domino’s follows a flat base with a buy point of 542.75, according to IBD MarketSurge. Domino’s shares rose 0.2% Monday morning.
Finally, Meta stock attempted to break out above a 514.01 buy point in a cup-with-handle base, but losses on Friday sent the stock back below its entry. The Facebook and Instagram parent is a new IBD Leaderboard stock. Meta stock rose 0.5% Monday morning.
Find the best stocks to buy and watch with IBD Stock Screener and IBD Screen of the Day
Stock market today: companies to watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct purchase point | Point of sale type |
|---|---|---|---|
| Caravan | (CVNA) | 129 | Cup base |
| Dominoes | (DPZ area) | 542.75 | Flat base |
| Meta platforms | (META text) | 514.01 | Flat base |
| Amazon | (AMZN) | 191.70 | Flat base |
Source: IBD data as of June 27, 2024
Join IBD experts as they analyze the top stocks in the stock market today on IBD Live
Seven Beautiful Stocks: Tesla
Among the Magnificent Seven shares, Tesla (TSLA) rose 1.6% on the stock market today in premarket trading, breaking the 200 level.
Tesla shares rose another 0.2% on Friday, closing near their highest level since early March.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among the Dow Jones constituents in the Magnificent Seven, Amazon, Apple and Microsoft rose ahead of the stock market open on Monday.
Amazon breaks out past a 191.70 buy point into a flat base after a recent rebound from the 50-day line. Amazon shares rose 1% premarket Monday.
Shares of Apple fell 1.6% on Friday, snapping a four-day winning streak. The stock is extended past the 5% buy range above the 199.62 buy point on a cup basis. Apple rose 0.5% on Monday.
Microsoft shares fell 1.3% on Friday, falling back into buy range above a flat base’s 430.82 buy point. And early Monday, the stock rose 0.5%.
Follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen to learn more about growth stocks, the Dow Jones Industrial Average, and the current stock market.
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